Thursday, October 2, 2014

Struggling Sears Holdings Corp said it would raise up to $380 million by selling most of its stake in Sears Canada Inc through a rights issue, generating liquidity ahead of the crucial holiday shopping season.Sears Holdings, which holds a 51 percent stake in its beleaguered Canadian unit, will sell 40 million shares of Sears Canada, leaving it with a stake of about 12 percent.Sears Holdings put its stake in Sears Canada on the block in May as a part of the Illinois-based company's efforts to turn around its business after years of declining sales.Shareholders of Sears Holdings will have the right to purchase one share of Sears Canada for each share held, at a price of C$10.60 per share.

Sears Canada Inc. (Sears) is a multi-channel retailer. Shares of SCC fell by 0.27% or $-0.03/share to $11.12. In the past year, the shares have traded as low as $10.11 and as high as $19.89. On average, 16592 shares of SCC.TO exchange hands on a given day and today's volume is recorded at 20608.

Sears Holdings Corporation (Holdings) is a retailer with 2,172 full-line and 1,338 specialty retail stores in the United States operating through Kmart Holding Corporation (Kmart) and Sears, Roebuck and Co. Shares of SHLD fell by 0.2% or $-0.05/share to $25.18. In the past year, the shares have traded as low as $24.10 and as high as $67.50. On average, 1060860 shares of SHLD exchange hands on a given day and today's volume is recorded at 839592.

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